Hello everyone, I'd like to ask about the tax implications after selling my primary residence in May--this is the first time I've sold a house.I've heard that the capital gains are not taxable for 2 years and this gives time to buy into a new residence. Do I understand this correctly? Can this advantage be used only once?How will my 2003 taxes handle the capital gains? I assume I get a form sent to me which I enter on my 1040 form.Thank you for any input!Robrobwilder@yahoo.com
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